Making the switch to Diligent Entities: Users share their experience
Driven by the need for greater accuracy, enhanced security and streamlined operations across global jurisdictions, many organizations are considering a shift from traditional entity management systems, such as spreadsheets, to more sophisticated, centralized solutions.
Your organization may be contemplating such a change. As such, it's important to understand the substantial benefits that a centralized entity management platform like Diligent Entities can offer. This platform not only simplifies the management of entity data but also ensures that it is up-to-date and compliant with the latest regulations. By moving away from fragmented, manual systems, your organization can achieve a higher level of efficiency and data integrity.
Streamlining entity management for greater accuracy and compliance
The integration of entity management software is transforming how organizations handle their corporate records and comply with regulations like the Corporate Transparency Act (CTA) in the U.S. and the UK's Economic Crime and Corporate Transparency Act (ECCTA). By linking entity data, documents, individuals, tasks and third-party platforms, this advanced technology moves beyond traditional spreadsheets, enhancing confidence in entity data, boosting efficiencies and fortifying security.
Diligent's webinar, "Streamlining Entity Management," explores these innovations, offering a roadmap for companies eager to refine their entity management processes and secure their corporate data more effectively.
Read what real users had to say about making the switch to Diligent Entities:
Q: Can you describe the main challenges faced by traditional entity management systems, such as spreadsheets?
A: Traditional systems, particularly spreadsheets, often lack the necessary controls to ensure data integrity and can be cumbersome to update and share securely. As one user, Jeffrey Bailot from Barnes Group, points out, "Integrity within Excel spreadsheets was an issue, and access to information was limited because Excel was set on a restricted server."
Q: How does Diligent Entities address these challenges of security and ease of access?
A: Diligent Entities transforms entity management by providing a secure, centralized platform that ensures accurate and easy-to-access data. It automates and simplifies processes, which is crucial for companies dealing with multiple entities across various jurisdictions. This not only enhances efficiency but also helps to ensure compliance with evolving regulations.
Q: What specific features of Diligent Entities have users found most beneficial?
A: Users appreciate several features:
- Real-time data access: As Colleen Lynch from Liberty Mutual highlighted, Entities has been a huge help in creating a self-service model utilizing real-time data.
- Automated compliance and reporting: The ability to file directly to regulators and automate the creation of compliance documents saves significant time and reduces errors.
- Customizable access controls: Ensuring that sensitive data is protected while being accessible to authorized users is another key benefit.
Q: Can you share a user experience that illustrates the impact of switching to Diligent Entities?
A: Bailot shared a compelling story about the transition from spreadsheets to Diligent Entities, noting the significant improvement in managing their org charts and the integrity of their data. The transition has enabled broader and more secure access to information, which was previously a major hurdle.
Q: What advice do users have for companies considering a switch to Diligent Entities?
A: The consensus is clear: start small but think big. Implementing Diligent Entities initially in one department, like the legal department, and then expanding to others such as tax and finance can demonstrate its value and ease the transition. As Bailot advised, getting a champion on each team can facilitate broader adoption.
Q: How does Diligent support users during the transition from traditional systems to Diligent Entities?
A: Diligent provides comprehensive support, including training and implementation guidance. This support is crucial for ensuring that the transition is smooth and that users maximize the benefits of the platform.
Ready to streamline your entity management?
Shifting from traditional entity management methods to a robust, centralized platform offers unparalleled advantages. Customers have experienced firsthand the enhanced data integrity, security and efficiency that Diligent Entities provides. With features that support real-time data access, automated compliance and customizable controls, this solution not only simplifies but also revolutionizes entity management.
Watch what our customers had to say in our on-demand webinar or speak with an advisor to learn more about making the switch to Diligent Entities.
